MG Properties Buys 321-unit Senior Community
- Oct 06, 2017
San Diego-based real estate investor and operator, MG Properties Group has acquired Reunion at Redmond Ridge, a 321-unit senior housing community near Seattle. Jon Hallgrimson, Eli Hanacek and Frank Bosl at CBRE represented the seller. The transaction was financed with a $53.3 million 10-year, fixed-rate Fannie Mae loan arranged by Robert Prouty and Brooks Benjamin at KeyBank.
Proximity to major employers
Located at 11315 Trilogy Parkway, Reunion at Redmond Ridge is in close proximity to downtown Redmond. The property is in close proximity to various shopping, employment, biking trails, restaurants and entertainment venues such as The UPS Store, Quality Food Center, Starbucks, McDonald’s, Village Green Park and the Redmond Watershed Preserve, which has seven wooded trails. Nearby employers include Microsoft, AT&T, Nintendo and Expedia.
Built in 2008, the community features two buildings offering a mix of studios, one-, two- and three-bedroom units ranging in size from 489 to 1,676 square feet. Reunion at Redmond Ridge offers common area amenities such as:
- 24-hour fitness center
- cyber café
- mini garden
- outdoor grilling area
- business center
“The location and demographics of this property make it an excellent long-term strategic purchase for our private investment capital. This is a high-quality property with a unique value proposition for residents,” Mark Gleiberman, MGPG’s CEO, said in a statement.
Image courtesy of Yardi Matrix
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